Jenesys AI, a rising star in B2B invoice management and payments, has secured a $1.1 million pre-seed funding round to fuel its mission of simplifying financial workflows with AI. Spearheaded by Twin Path Ventures and backed by a consortium of investors including Fuel Ventures, Antler, Hatcher+, and angels from across the globe, this financial boost will propel Jenesys' expansion in engineering, customer success, and global payment compliance.
At the heart of Jenesys' technology lies "Jack," an AI co-pilot powered by their proprietary Accounting Language Model (ALM). Jack acts as a virtual assistant, tackling tedious invoice management tasks in under 30 seconds. From maintaining budgets and conducting bookkeeping to ensuring compliance with domestic and international regulations, Jack empowers businesses to overcome cashflow hurdles and expedite international payments.
But Jack is no ordinary AI. Unlike the broad-spectrum Large Language Models that power tools like ChatGPT, Jenesys has meticulously crafted its ALM for the specific intricacies of accounting. CEO Nicolai Thomson emphasizes this distinction, citing Jack's extensive training regime of 4,500 hours on 220,000 practice invoices and receipts. This rigorous training, bolstered by the acquisition of Danish tax tech company VAT Key, positions Jenesys to navigate the complexities of global payments with ease and offer competitive rates like Wise and Revolut.
"While ChatGPT struggles with accounting-specific tasks like picking Xero account codes or calculating VAT," explains Thomson, "Jack excels. Its meticulous training on annotated data points handled by our team allows it to seamlessly handle these complexities with unmatched accuracy, free from character or time constraints."
While Jenesys is currently in development, accounting professionals can already express their interest and join a waiting list for early access. Additionally, a captivating demonstration of Jack's AI ALM data extraction and approval capabilities is available online.
Jenesys' journey began in November 2022 under the leadership of co-founders Nicolai Thomson and Tosin Dairo. Since then, the company has impressed audiences at prominent accounting trade shows and partnered with UK accounting firms for initial testing of Jack. This pre-seed funding round, led by renowned AI investors Nick Slater and John Spindler, marks a significant milestone in Jenesys' growth trajectory and underscores the global community's confidence in its transformative potential.
As Jenesys takes flight with its $1.1 million boost, the future of B2B invoice management appears poised for a revolution. With Jack as its AI co-pilot, the company is ready to guide businesses toward streamlined workflows, improved cash flow, and a new era of financial efficiency.
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